By Jonquil Lowe
many folks stumble via their monetary existence reacting to occasions and suggestion in an advert hoc approach. accordingly, few decide upon the main appropriate monetary items, a few fall prey to misselling and lots of by no means have an understanding of their monetary objectives. Are you one in every of them? Be your individual monetary Adviser indicates you ways to make brilliant monetary judgements with no the necessity for pricey advice. Its available type, examples and case experiences clarify and review monetary items and placed you firmly in charge of your personal monetary future health. it is going to propose on the way to undertake the easiest saving, spending and funding concepts, make judgements tax-efficiently, deal with hazard properly and safeguard and increase your wealth. It additionally indicates whilst expert assistance is a good suggestion, and indicates you ways to guard your self opposed to misselling and get the easiest from your adviser. Be your personal monetary Adviser will enable you to: Stress-test your monetary judgements make the most of criminal tax breaks in achieving your monetary ambitions deal with and guard your wealth having access to monetary services isn't tricky - there is not any scarcity of advertisements, ads, unsolicited mail, electronic mail and advertising calls to attract you to take out loans, purchase assurance and make investments your funds. yet making a choice on which items are correct for you may be successful and pass over process. strong monetary making plans calls for a scientific process. you want to begin through assessing your individual specific situations, attitudes and timescales after which figure out how one can enforce your approach on a protracted time period foundation. enable Be your personal monetary Adviser be your consultant to creating higher monetary judgements. It comprises suggestion at the following: monetary planning do you want an adviser? holding your source of revenue delivering in your family members well-being and care someplace to live development a pension Retirement choices Saving and investing dealing with your wealth Passing it on
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Extra resources for Be Your Own Financial Adviser: The comprehensive guide to wealth and financial planning
A ratio of less than 1 indicates that short-term debts exceed liquid assets, so your household would not be in a position to clear its immediate debts if you wanted to. This makes your household vulnerable to any shocks, such as losing income because of redundancy or illness or a rise in tax rates or interest rates that might affect your household’s ability to carry on meeting its debt repayments. Therefore the current ratio is an important figure to bear in mind when stress testing your financial plan: a low current ratio makes it more likely your plan will be blown off course.
However, be aware that products may change their character over time and so does the context within which they are used, so a strategy that worked well some years ago may not be appropriate now. Endowment mortgages are a classic example, where the successive removal of tax reliefs and the changing performance of the economy and financial markets transformed the product from a good choice to a very poor one (see Chapter 6 for details). A more recent example, has been the way some ‘money market’ investment funds thought to be investing in very safe investments similar to bank deposits in fact started to use more complex investments to boost returns and lost money when financial conditions changed (see Chapter 10).
LIABILITIES £ Current liabilities Overdraft Bills paid in arrears4 and bills due within one year 4 For example, quarterly fuel and phone bills and tax paid through self-assessment (see Appendix A). indd 18 05/03/2010 09:50 1 n Financial planning 19 Credit and store card debts Other debts repayable within one year5 TOTAL CURRENT LIABILITIES H Other liabilities Personal loans Amount outstanding on hire-purchase agreements Mortgage Other secured loans Student loans Other liabilities TOTAL LIABILITIES 5 I For example, money you have borrowed from family and friends that could be called in at short notice.
Be Your Own Financial Adviser: The comprehensive guide to wealth and financial planning by Jonquil Lowe